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Market Comments for August 27, 2014

 

Another trading day brings the narrowest bar prices have seen yet. The QQQ actually stayed inside the prior day’s trading range which was almost impossible to do. The tough part is that there is no way to know when we will have a profit taking day, and after this many days up it could lead to a good size red bar. Nimble traders should be quick to react if they are looking to preserve profits in the short term. The bigger picture is that there is still nothing stopping the overall stage II markets on the daily and weekly charts.